Gojek invests in Indonesian e-wallet firm LinkAja, says statement; merger with Tokopedia also in line

The Gojek signage atop the company's building in Jakarta, Indonesia, on Tuesday, Jan. 5,2021. Indonesia’s ride-hailing and payments giant Gojek is in advanced discussions about merging with local e-commerce pioneer PT Tokopedia, ahead of a planned initial public offering of the combined entity, according to people with knowledge of the matter. - Bloomberg

SINGAPORE, March 9 (Reuters): Gojek has invested in Indonesian state-backed e-wallet company LinkAja which will now be a payment option on its app, the ride-hailing and payments firm said in a statement on Tuesday.

Gojek rival Grab announced in November it was leading a US$100 million investment round in LinkAja, which also received investor commitments from Telkomsel.

Meanwhile, earlier, it was reported that: “Tokopedia and Gojek have signed a conditional sales and purchase agreement (CSPA) related to the merger agreement,” reports D-Insights.

Gojek shareholders will hold a 60% stake in the company, while Tokopedia will own the rest of the merged firm, the report noted.

The combined entity, which could be valued between US$35 billion to US$40 billion, is also said to be planning to list its shares on the Indonesia Stock Exchange (IDX).

The two South-East Asian giants were supposedly finalising terms for their merger and aiming to reach an agreement as early as February.

If the merged entity’s listing goes through, it will be the third-largest company on the IDX in terms of market capitalization, according to the report.

Gojek, is an Indonesian on-demand multi-service platform and digital payment technology group based in Jakarta. Gojek was first established in Indonesia in 2009 as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services. Tokopedia is an Indonesian technology company specialising in e-commerce. It was also founded in 2009 - Agencies

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